Questions # 16-20 are based on the information below:Nadal Athletic has the following transactions related to its inventory for the month ofAugust 2021:DateAugust 1August 4August 11August 13August 20August 26August 29TransactionsBeginning inventorySale ($150 each)PurchaseSale ($160 each)PurchaseSale ($170 each)PurchaseA. $2,210B. $2,300C. $2,650D. $2,63016. What is the cost of goods sold using FIFO for August?Units75A. $1,880B. $2,210C. $2,300D. $2,63097121012A. $2,150.50B. $2,347.50C. $2,029.50D. $2,480.50Cost per Unit$13012011017. What is the ending inventory using LIFO at August 31, 2021?100Total Cost$9101,0801,3201,200$4,51018. What is the ending inventory using weighted-average cost at August 31, 2021?

Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Questions # 16-20 are based on the information below: Nadal Athletic has the following transactions related to its inventory for the month of August 2021: Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($150 each) Purchase Sale ($160 each) Purchase Sale ($170 each) Purchase 16. What is the cost of goods sold using FIFO for August? A. $2,210 B. $2,300 C. $2,650 D. $2,630 Units 7 5 9 7 12 10 12 A. $2,150.50 B. $2,347.50 Cost per Unit $130 C. $2,029.50 D. $2,480.50 120 110 17. What is the ending inventory using LIFO at August 31, 2021? A. $1,880 B. $2,210 C. $2,300 D. $2,630 100 Total Cost $910 1,080 1,320 18. What is the ending inventory using weighted-average cost at August 31, 2021? 1,200 $4,510

Questions # 16-20 are based on the information below: Nadal Athletic has the following transactions related to its inventory for the month of August 2021: Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($150 each) Purchase Sale ($160 each) Purchase Sale ($170 each) Purchase 16. What is the cost of goods sold using FIFO for August? A. $2,210 B. $2,300 C. $2,650 D. $2,630 Units 7 5 9 7 12 10 12 A. $2,150.50 B. $2,347.50 Cost per Unit $130 C. $2,029.50 D. $2,480.50 120 110 17. What is the ending inventory using LIFO at August 31, 2021? A. $1,880 B. $2,210 C. $2,300 D. $2,630 100 Total Cost $910 1,080 1,320 18. What is the ending inventory using weighted-average cost at August 31, 2021? 1,200 $4,510

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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